Initial Jobless Claims Flat At 8-Month Average

Initial jobless claims fell 20k from a previously revised up 351k (the highest in a month) and hovers at the the average level of the last eight months as the downward trend in this apparently key indicator has broken. The BLS cites nothing unusual in this report aside from Kansas estimated its numbers (so we have no real way of deciphering signal from noise once again). Continung claims rose a modest 15k seasonally-adjusted (and less modest 44k non-adjusted) as emergency benefits remains at 0.